NEO Foundation Released Its 2019 Financial Report

The cryptocurrency news today show that the Neo Foundation released its 2019 financial report, showing the organization’s expenditures and assets under management. As we can see, accompanying the release was an address from the NEO Foundation which thanks the community and its developers for their effort on the road to Neo3.

The NF noted that the progress was made on key components such as NeoFS, NeoID, and the native oracle network. They also highlighted a growing number of gaming and DeFi use cases in the NEO ecosystem.

Moving forward, the NF stated a commitment to maintaining the development pace achieved in 2019 as well as outlined its key goals for 2020. We could see that the objectives include facilitating a smooth transition from Neo2 to Neo3 for ecosystem participants. There is also the continued improvement of Neo’s developer experience, as well as the establishment of a governance mechanism to incentivize community participation as well as sustain the network.

The NEO Foundation released its report and as we could see, the expenditures were summed up with a total spend of 1,760,015 NEO in 2019 in different areas within the NEO ecosystem. A breakdown of the disbursements is shown below.

Additionally, the report shows that 738,195 NEO were used for funding the operations of the NF and Neo Global Development (NGD). Some examples of these expenditures include salaries, marketing fees, rent as well as other costs associated with running a business.

The core developer incentives show that they made up the total 12.7% from the entire spending. We can also see that ecosystem project financing made up 25.1% of the entire spending, where around 443,400 NEO were invested in growing the ecosystem behind this coin.

In the NEO news, we can also see the community growth which made up 20.3% from the total investments, where 354,908 NEO was used to finance the community groups AlienWorks, COZ, NewEconoLabs (NEL), NEO-ONE, NeoResearch, neow3j, Neo News Today, Neo St. Petersburg Competence Center (Neo SPCC), and Red4Sec.

As the NEO Foundation released its 2019 report, we could see that the company is transparent in front of everyone. Besides its spending, there is the NGC Fund and Neo Eco Fund, both of which are strong assets to the entire network.